The month long slump in global stock markets has been a boon to U.K. speculators who prefer betting to trading, and to the companies that help them bet. The surge in market volatility since prices peaked has meant more opportunities for short-term traders who use “spread betting,” or gambles on moves in financial markets. The [...]
Spread betting on the World Cup, a high-risk form of gambling with potentially no limit to the gains and losses to be made, is rising steadily ahead of next month’s kick-off, gaming sources say. They report a 15 percent increase in spread bets so far compared to the last World Cup in 2001, and expect [...]
Nat le Roux is stepping down as chief executive of spread betting company IG Group to “do something completely different”. Tim Howkins, the finance director, becomes the new chief executive. Mr Le Roux, 49, will remain on the board as non-executive deputy chairman and do some consultancy work for IG one day a week dealing [...]
The £800m flotation of CMC Markets was shelved at the 11th hour last night as the online financial trading group became the latest company to pull its float due to stock market turbulence. The company, which specialises in contracts for difference (CFDs) for retail investors, had been due to price its initial public offering last [...]
Record numbers of people are putting their money into share spread betting, according to Angus Campbell, head of sales and marketing at spread betters Finspreads. The recent volatile stock market has resulted in an upturn in traders trying to profit through the method of low-cost gambling on stock price movement. Last Thursday’s close of market [...]
Paul Davidson, the former pipe-fitter turned entrepreneur known as The Plumber, emerged triumphant from his long legal battle with the Financial Services Authority when a tribunal yesterday cleared him of market abuse. Mr Davidson had challenged the FSA’s decision to fine him £750,000 as a result of the events surrounding the flotation of a tiny [...]
James Quinn meets a man whose family will net the thick end of £260m but who will stay at CMC’s helm. Peter Cruddas is a man on a mission. One that is by no means complete. Having set up online financial trading firm CMC Markets in 1989 with just £10,000, and, despite his 52 years [...]
Peter Cruddas, the son of a meat-market porter who founded the online trading firm CMC Markets, is to cement his reputation as the City’s richest man by unveiling plans for a stock-market flotation that will value his company at more than £800m. Cruddas, who founded CMC in 1989 with a £10,000 investment and is steadily [...]
City Index, the spread-betting group owned by Michael Spencer, is considering a takeover offer for its rival IFX after seeing a bid rejected last month. IFX shares have gained strongly recently, prompting authorities to request that City Index make its intentions known. City Index said yesterday it had made an approach to IFX on 23 [...]
Two new European operations have been launched by WorldSpreads Group. The recent establishment of businesses in Greece and Hungary is part of a medium term strategy to introduce financial spread betting to a wider audience of market investors, with particular focus on the emerging markets of ‘New Europe’. Conor Foley, Chief Executive of the World [...]
As all those across the Square Mile and beyond turn to their television sets on Wednesday at 12.30pm, there are some serious matters that need to be addressed. Indeed, as Chancellor Gordon Brown stands up to present his 10th Budget to the nation, many will be hoping he provides answers to a number of key [...]
London Capital Group (LCG:AIM) Finals PTP £0.5m (£0.15m) Divi n/a (n/a). London Capital Group posted a 224.5% increase in pre-tax profits due to rising yet volatile markets attracting profit-hungry punters. The firm, known for its Capital Spreads spread betting service,floated on 22 December and maiden results show a pre-tax profit of £550,000 in 2005, compared [...]
Spread betting and CFD brokerage Spreadex is attempting to woo new punters by offering spreadfree bets across several markets for a limited period. Managing director, Jonathan Hufford, says traders wishing to bet on the daily movements of the FTSE100, the French Dax index, plus the NASDAQ 100, S&P 500 and the Dow Jones in the [...]
Former AIB chief executive Tom Mulcahy has taken a stake in Irish-owned financial spread betting firm Delta Index. He has taken part in a €1m round of fund-raising which also involved Delta Index managing director Dermot O’Donoghue. Delta has now raised €2.3m since it was founded in 2002. Earlier investors included Dolmen Securities, parent company [...]
Spread betting firm IG Group PLC said current trading remained strong and it is confident about prospects as it posted a 34 pct rise in first half pretax earnings before interest, depreciation and amortisation to 21.4 mln stg. IG said its UK spread betting operation grew revenues by 32 pct in the six months to [...]
